# CUTLER INVESTMENT COUNSEL LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1285973. Source: https://holderbook.com/funds/1285973-cutler-investment-counsel-llc/

- Reported value: $1.1B
- Positions: 157
- Weight of the ten largest: 36.5%
- Filed: 2026-07-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $52.7M | 654,530 | 5.0% | 31 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $48.1M | 497,532 | 4.5% | 31 |
| ISHARES TR | [IGSB](https://holderbook.com/stocks/IGSB/) | $46.2M | 881,726 | 4.4% | 31 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $41.9M | 808,417 | 3.9% | 31 |
| J P MORGAN EXCHANGE TRADED F | [JIRE](https://holderbook.com/stocks/JIRE/) | $39.6M | 480,390 | 3.7% | 8 |
| ISHARES TR | [IUSG](https://holderbook.com/stocks/IUSG/) | $35.6M | 189,385 | 3.4% | 14 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $32.9M | 30,925 | 3.1% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $30.9M | 208,300 | 2.9% | 25 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $30.6M | 355,675 | 2.9% | 31 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $29.6M | 1,160,764 | 2.8% | 12 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $26.2M | 1,149,762 | 2.5% | 15 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $25.1M | 67,261 | 2.4% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $24.6M | 217,092 | 2.3% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $21.9M | 115,223 | 2.1% | 25 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $20.5M | 32,312 | 1.9% | 31 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $17.2M | 186,829 | 1.6% | 24 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $16.9M | 17,531 | 1.6% | 7 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $16.9M | 56,533 | 1.6% | 31 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $16.5M | 77,512 | 1.6% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $16.3M | 119,449 | 1.5% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $16.3M | 185,395 | 1.5% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $16.2M | 46,023 | 1.5% | 31 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $15.5M | 149,901 | 1.5% | 13 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $14.9M | 45,620 | 1.4% | 25 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $13.8M | 157,363 | 1.3% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $13.6M | 50,409 | 1.3% | 31 |
| INVESCO EXCHANGE TRADED FD T | [RPG](https://holderbook.com/stocks/RPG/) | $13.1M | 204,690 | 1.2% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $12.7M | 50,046 | 1.2% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $11.9M | 42,402 | 1.1% | 22 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $11.4M | 87,765 | 1.1% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $10.9M | 66,008 | 1.0% | 31 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $10.8M | 44,011 | 1.0% | 31 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $10.7M | 14,234 | 1.0% | 28 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $10.7M | 145,301 | 1.0% | 25 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $9.9M | 233,690 | 0.9% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $9.9M | 63,978 | 0.9% | 8 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $9.7M | 174,825 | 0.9% | 31 |
| ISHARES TR | [REET](https://holderbook.com/stocks/REET/) | $9.5M | 344,085 | 0.9% | 10 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $9.2M | 38,742 | 0.9% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $9.0M | 114,555 | 0.9% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $9.0M | 76,816 | 0.8% | 31 |
| VANECK ETF TRUST | [EMLC](https://holderbook.com/stocks/EMLC/) | $8.7M | 341,363 | 0.8% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $8.7M | 59,169 | 0.8% | 31 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $7.9M | 218,995 | 0.7% | 19 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $7.9M | 102,792 | 0.7% | 23 |
| QNITY ELECTRONICS INC | [Q](https://holderbook.com/stocks/Q/) | $7.8M | 47,876 | 0.7% | 3 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $7.7M | 56,765 | 0.7% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $7.7M | 107,554 | 0.7% | 18 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $7.6M | 34,757 | 0.7% | 31 |
| ISHARES TR | [EFAV](https://holderbook.com/stocks/EFAV/) | $7.0M | 80,264 | 0.7% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $7.0M | 24,075 | 0.7% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $7.0M | 18,791 | 0.7% | 18 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $6.6M | 39,282 | 0.6% | 2 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $6.1M | 40,561 | 0.6% | 31 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $5.2M | 163,262 | 0.5% | 19 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $4.9M | 81,337 | 0.5% | 18 |
| INVESCO EXCH TRADED FD TR II | [PDN](https://holderbook.com/stocks/PDN/) | $4.4M | 96,912 | 0.4% | 31 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $4.2M | 57,713 | 0.4% | 20 |
| DUPONT DE NEMOURS INC | - | $4.2M | 30,630 | 0.4% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $3.9M | 163,108 | 0.4% | 7 |
| LENNAR CORP | [LEN](https://holderbook.com/stocks/LEN/) | $3.7M | 41,401 | 0.4% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $3.7M | 5 | 0.4% | 6 |
| SCHWAB STRATEGIC TR | [FNDX](https://holderbook.com/stocks/FNDX/) | $3.5M | 112,177 | 0.3% | 3 |
| PROSHARES TR | [NOBL](https://holderbook.com/stocks/NOBL/) | $3.5M | 61,435 | 0.3% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $3.4M | 14,464 | 0.3% | 20 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $3.4M | 21,859 | 0.3% | 31 |
| SCHWAB STRATEGIC TR | [FNDC](https://holderbook.com/stocks/FNDC/) | $3.2M | 66,204 | 0.3% | 18 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $3.2M | 33,322 | 0.3% | 19 |
| SCHWAB STRATEGIC TR | [FNDA](https://holderbook.com/stocks/FNDA/) | $3.1M | 81,394 | 0.3% | 18 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $3.1M | 7,590 | 0.3% | 31 |
| SCHWAB STRATEGIC TR | [FNDF](https://holderbook.com/stocks/FNDF/) | $3.1M | 58,028 | 0.3% | 18 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.0M | 6,021 | 0.3% | 23 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.7M | 2,936 | 0.3% | 18 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.6M | 7,457 | 0.2% | 31 |
| MISSION PRODUCE INC | [AVO](https://holderbook.com/stocks/AVO/) | $2.5M | 211,750 | 0.2% | 21 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $2.1M | 72,039 | 0.2% | 18 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $2.0M | 8,402 | 0.2% | 31 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $2.0M | 40,724 | 0.2% | 15 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $1.8M | 22,400 | 0.2% | 15 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.6M | 8,158 | 0.2% | 14 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $1.6M | 15,952 | 0.2% | 27 |
| SCHWAB STRATEGIC TR | [FNDE](https://holderbook.com/stocks/FNDE/) | $1.5M | 38,696 | 0.1% | 18 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.4M | 3,940 | 0.1% | 31 |
| DIMENSIONAL ETF TRUST | [DFAX](https://holderbook.com/stocks/DFAX/) | $1.4M | 37,754 | 0.1% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.4M | 1,839 | 0.1% | 24 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.4M | 1,851 | 0.1% | 18 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $1.3M | 11,047 | 0.1% | 11 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.3M | 3,051 | 0.1% | 18 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.1M | 21,144 | 0.1% | 10 |
| IMMUNITYBIO INC | [IBRX](https://holderbook.com/stocks/IBRX/) | $977.9K | 111,698 | 0.1% | 2 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $899.7K | 38,900 | 0.1% | 30 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $732.3K | 1,988 | 0.1% | 31 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $705.5K | 4,464 | 0.1% | 18 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $681.0K | 8,241 | 0.1% | 18 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $667.5K | 3,028 | 0.1% | 31 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $652.2K | 8,458 | 0.1% | 24 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $650.9K | 1,723 | 0.1% | 5 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $649.6K | 911 | 0.1% | 11 |
| ISHARES TR | [SCZ](https://holderbook.com/stocks/SCZ/) | $643.3K | 7,819 | 0.1% | 15 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $638.4K | 2,256 | 0.1% | 29 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +7.8% | +14.8% | -7.0% | 100% |
| Q1 2026 | +1.2% | -4.6% | +5.8% | 100% |
| Q4 2025 | +0.6% | +2.4% | -1.7% | 100% |
| Q3 2025 | +4.9% | +7.8% | -3.0% | 100% |
| Q2 2025 | +6.5% | +10.5% | -4.0% | 100% |
| Q1 2025 | +0.6% | -4.6% | +5.2% | 100% |
| Q4 2024 | -3.0% | +2.1% | -5.2% | 100% |
| Q3 2024 | +8.3% | +5.4% | +2.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.1B | 157 |
| Q1 2026 | $971.1M | 146 |
| Q4 2025 | $961.3M | 143 |
| Q3 2025 | $953.8M | 140 |
| Q2 2025 | $898.7M | 138 |
| Q1 2025 | $832.4M | 132 |
| Q4 2024 | $803.8M | 128 |
| Q3 2024 | $792.7M | 127 |
| Q2 2024 | $734.9M | 128 |
| Q1 2024 | $745.8M | 127 |
| Q4 2023 | $700.2M | 130 |
| Q3 2023 | $634.9M | 123 |